rfi group - singapore priority and retail banking council
TRANSCRIPT
H1 2020 SingaporePriority & Retail Banking Council Market Report
Presented by: RFi Group
Analyst: A. Bahvaani, Senior Research Analyst – Asia
For questions and enquiries, please contact:Andrew Kim, Client Services Director – Asia, [email protected]
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I N T R O D U C T I O N T O R F i G R O U P
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Our Purpose
“TO ANSWER THE
DIFFICULT QUESTIONS”
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Understanding and Knowledge of Financial Services
Data-based Actionable Insights
Global / Local The Customer is King
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The client value proposition
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Our blue-chip client base…I N T R O D U C T I O N T O R F i G R O U P
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I N T R O D U C T I O N T O R F i G R O U P
Financial Councils – Global
Priority & Retail Banking Council
Payments & Innovation Council
Merchant Acquiring Council
Digital Banking Council
Commercial BankingCouncil
SME Banking Council
Youth Banking Open Banking/ PSD2 Council
Commercial Payments
B2B Payments Remittance
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I N T R O D U C T I O N T O R F i G R O U P
Our hybrid bespoke/ syndicated model – how RFiGroup partners with its clients…
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M O N T H L Y M E E T I N G - N O V E M B E R 2 0 1 9
Insight DeliveryRFi’sgoal is to deliver data driven actionable insights to our clients in every interaction
To what extent did we provide valuable answers to your business priorities
To what extent did we provide you with actionable insights
Are you using the RFi Group research insights within your business
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Have your say here!
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I N T R O D U C T I O N T O R F i G R O U P
Financial Councils – Global
Priority & Retail Banking Council
Payments & Innovation Council
Merchant Acquiring Council
Digital Banking Council
Commercial BankingCouncil
SME Banking Council
Youth Banking Open Banking/ PSD2 Council
Commercial Payments
B2B Payments Remittance
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• Research Methodology
• Market report
• Consumer Sentiment• Main Bank• Affluent Priority Banking• Investment Products• CASAs• Time Deposits• Credit Cards• Home Loans• Personal Loans• Channels
Agenda
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• The data in this report is sourced from the H1 2020 Singapore Priority & Retail Banking Council survey. The survey was in field
from April to May 2020. Trended data has been used where relevant and applicable. Data is sourced in the base notes.
• In total over 2,000 consumers were interviewed online.
• Basic quotas were applied to ensure that respondents are representative of Singapore population by age, gender, region and
income. To qualify as ‘banked’ respondents must hold a minimum of one banking product with a financial institution in their
local market.
• Local market affluence criteria has been used in this report as follows:
• Mass Market: [Less than SGD 30,000 in investible assets in Singapore]
• Emerging Affluent: [SGD 30,000 to less than SGD 200,000 in investible assets in Singapore]
• Mass Affluent: [More than SGD 200,000 in investible assets in Singapore]
• Respondents form a nationally representative sample which is used to report the “Total”.
• When reporting on the affluent market the affluent boost is included.
• Where appropriate, significance testing at the 95% confidence level has been conducted. Significant differences have been
marked throughout the report. Results have a margin of error of ±2%.
• Slides marked with an institution’s logo in the title are proprietary to the institution
• Further data cuts are available on request.
Methodology
Nationally representative sample Affluent boost sample
Mass market Emerging affluent Affluent Total Affluent
n=548 n=455 n=279 n=1,282 n=757
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Market Report• Consumer Sentiment
• Main Bank
• Affluent Priority Banking
• Investment Products
• CASAs
• Time Deposits
• Credit Cards
• Home Loans
• Personal Loans
• Channels
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Preview Slides
• Main Bank: Recommendation
• Main Bank: Switching Drivers
• CASA: Drivers of Satisfaction
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Main Bank: Recommendation
4% 9% 9% 9% 10% 15% 16% 11%
40% 32%
46%53% 53%
53% 54%54%
56% 60%
45%38% 37% 32% 30% 35%
53 5136 29 27 18 13 23
-500
-400
-300
-200
-100
0
100
0%
50%
100%
Standard
Chartered
Citibank HSBC UOB DBS POSB OCBC Total
How likely are you to recommend your main bank?
By main bank
Detractors Passives Promoters NPS
Base: Main bank customers
Standard Chartered
Citibank HSBC UOB DBS POSB OCBC Total
H1 2020 135 104 165 196 535 392 264 1282
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Main Bank: Switching Drivers
Why are you considering switching your main banking relationship?By main bank
Base: Main bank customers looking to switch their main bank relationship
DBS POSB OCBC UOB Citibank HSBC TotalH1 2020 87 54 65 46 40 57 252
Note: Tests for significance were carried out on this question █ - Significantly higher than other banks █ - Significantly lower than other banks.
DBS POSB OCBC UOB Citibank HSBC Total
Another institution has offered an incentive to move my banking there
28% 30% 34% 30% 18% 19% 27%
I want access to better investment and wealth management products and services
33% 19% 29% 22% 45% 26% 25%
My personal circumstances have changed 28% 17% 14% 13% 23% 33% 24%
I opened a deposit account (e.g. chequing accounts, savings account, etc) with another institution and moved all of my accounts there
20% 9% 15% 15% 13% 16% 18%
Changes on where my payroll is deposited 7% 13% 17% 15% 25% 14% 17%
I am unhappy with my main bank 10% 6% 6% 11% 10% 16% 11%
I took out a loan product (e.g. credit card, mortgage, personal loan) with another institution and moved all of my accounts there
9% 7% 11% 20% 23% 12% 9%
I received an inheritance/ I am set to receive an inheritance 7% 4% 6% 11% 13% 7% 9%
It is inconvenient banking with my main bank 10% 4% 6% 13% 23% 11% 8%
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CASAs: Drivers of Satisfaction
Maintain Leverage
Lower priorities Immediate priorities
Base: CASA holders (H1 2020: n=1,282)Note: Respondents who selected “This is not applicable” or “I don’t know what this feature is” were excluded from the analysis
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Sa
tisf
act
ion
wit
h a
ttri
bu
tes
(Me
an
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ut
of
10
)
Correlation with overall satisfaction
Satisfaction CASA attributes and drivers of overall satisfaction
CASA holdersKEY
1 Fees and charges
2 Minimum balance requirement
3 Interest rates
4 Branch locations
5Domestic ATM locations of bank/ partnering bank(s)
6 Customer service
7 Debit card access
8 Overdraft facility
9 Overseas ATM access
10 Online banking services
11 Phone banking services
12 Mobile banking app
13 Access to foreign currencies
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Intelligence to bank on
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